Apple Beats Wall Street Expectations, Posts Revenues of $24.67 Billion

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Apple beat Wall Street expectations once again reporting $6.40 in earnings per share with $24.67 billion in revenues for the second quarter. Analysts expected Apple to report $5.36 cents a share with $23.34 billion in sales. The earnings report was anticipated with bated breath in the business world in light of Apple's busy quarter. The company had introduced the iPad 2 and the Verizon iPhone, each attracting considerable buzz.

So how did each gadget perform? Surprisingly, iPad sales were much lower than expected with just 4.69 million shipped as opposed to expectations of nearly 7 million. "This is probably because of iPad 2 supply problems and low demand for old iPads leading up to the iPad 2 launch," writes Dan Frommer at Business Insider. Strong iPhone sales picked up the slack, with 18.65 million shipped, doubling the sales of last year. Apple also sold 3.76 million Macs during the quarter, a 28 percent increase year-over-year.

Overall, Matt Philips at the Wall Street Journal is impressed. "Pretty strong, given that there seemed to be some consternation among analysts that Apple might have to pay higher prices because of the tighter supply of parts coming out of Japan in the wake of the earthquake/tsunami/nuclear disaster," he writes. He does add, though, that investors will be concerned about the sluggish iPad sales and will likely ask about it during the earnings call.

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